August 2000

Project Management/Engineering and Construction

Improved project definition ensures value-added performance - Part 1

Use these techniques to produce and manage a plan for successful execution

Smith, C. C., Stone & Webster Engineers and Constructors, Inc.

Capital projects in the petrochemical industry generally involve large expenditures. These set the base for return on investment over 15 - 20 years. Through better communication and alignment, a well-integrated team and a disciplined project process - which includes industry best practice deliverables during the planning / front end loading stage - costs can be accurately and repeatedly estimated and controlled. In addition, schedules can be met or even shortened, producing a more cost-effective project. Thus, profitability is improved for both the owner and E&C contractor. While different companies use different approaches to executing capital projects, even within one company, differen

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